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Keyword: oil

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  • U.S. Gasoline Prices Surprisingly Rise In Late-Summer Week

    08/23/2016 2:25:04 PM PDT · by bananaman22 · 7 replies
    Oilprice.com ^ | 23-08-2016 | Paraskova
    In one of the rare recent increases for a late-summer week, U.S. retail gasoline prices unexpectedly rose in the week to August 22, by US$0.044 to US$ 2.193 per gallon, according to data by the U.S. Energy Information Administration (EIA). Gasoline prices have dropped during this particular week in eight of the past ten years, and last week saw the biggest increase for this week since a US$0.062 rise in 2005. In the previous two August weeks, U.S. average gasoline prices had stood at US$2.150 in the week to August 8 and at US$2.149 in the week to August 15....
  • Boom, Balance Or Bust: What's Next For Oil?

    08/23/2016 9:27:28 AM PDT · by bananaman22 · 4 replies
    Oilprice.com ^ | 23-08-2016 | Nick
    Oil prices have surged more than 20 percent in the last two weeks but there is quite a bit of disagreement over whether or not the rally can continue. The spark that created the bull market was the decision from OPEC to hold an unscheduled meeting in Algiers in September to discuss a production freeze. On the one hand, it would seem odd that OPEC members would once again go through all the motions and trouble of holding another meeting without a high degree of confidence that this time will be different. On the other hand, it has been years...
  • U.S. Gasoline Consumption On Target For A Record Year

    08/22/2016 2:33:38 PM PDT · by bananaman22 · 18 replies
    Oilprice.com ^ | 22-08-2016 | Rob
    In last month’s Short Term Energy Outlook (STEO), the Energy Information Administration (EIA) projected that it now expects record U.S. gasoline consumption this year This projected increase follows several years of lower gasoline demand that resulted from persistently rising gasoline prices over the past decade. From 2002 to 2012 the average retail price of gasoline rose nearly every year, from an annual average of $1.39/gal in 2002 to $3.68/gal in 2012. Consumers responded to these higher prices in multiple ways, which cumulatively led to falling gasoline demand. Some even suggested that U.S. gasoline demand had permanently peaked, as a result...
  • Is ExxonMobil Actually Only Worth A Fraction Of What It Says?

    08/22/2016 9:56:17 AM PDT · by bananaman22 · 13 replies
    Oilprice.com ^ | 22-06-2016 | OP
    The investigation by a handful of attorneys general into ExxonMobil has much more to do with the oil major misleading investors than it does about covering up climate science. The legal headache stems from several news reports that ExxonMobil buried decades of internal climate science in order to protect its interests. That has environmental groups crying foul, blaming the oil company for decades of policy inaction to stop the growth of greenhouse gas emissions. That also was a key reason that New York attorney general Eric Schneiderman, along with several other AGs from different states, opened up an investigation into...
  • China says seeks closer military ties with Syria

    08/21/2016 10:59:19 PM PDT · by Olog-hai · 1 replies
    Reuters ^ | Tue Aug 16, 2016 6:51am EDT | Ben Blanchard
    China wants to have closer military ties with Syria, state media on Tuesday cited a senior Chinese officer as saying during a rare visit to the war-torn Middle Eastern country. While relying on the region for oil supplies, China tends to leave Middle Eastern diplomacy to the other permanent members of the U.N. Security Council, namely the United States, Britain, France and Russia. But China has been trying to get more involved, including sending envoys to help push for a diplomatic resolution to the violence there and hosting Syrian government and opposition figures. …
  • Many People Think What Few Dare To Say

    08/20/2016 8:13:45 AM PDT · by Sean_Anthony · 12 replies
    Canada Free Press ^ | 08/20/16 | Dr. Klaus Kaiser
    With the world swamped by cheap natural gas, crude oil, and coal (with the mines in western countries are being relegated to heritage status), who, really needs expensive and intermittent electricity from the wind and sun? From climate doomsters to media politicos, the world is being bombarded with mis-constructs, unfounded claims and outright lies. Some listeners and readers may fall for such deceits but many others are thinking to themselves and quietly walking away. Time and again, I have experienced that phenomenon after giving a talk to (mostly) retired professionals from a variety of disciplines. They approach me in private...
  • Why oil prices just stampeded into bull-market territory

    08/18/2016 4:42:04 PM PDT · by BlackVeil · 30 replies
    MarketWatch ^ | Aug 18, 2016 | Myra Saefong
    Oil prices officially charged into a bull market Thursday as the prospect of an output freeze by major producers, data showing the first weekly fall in U.S. crude supplies in a month, and a decline in the dollar boosted prices. Crude-oil prices have advanced more than 20% from their Aug. 2 low over the past several sessions...September West Texas Intermediate crude CLU6, +0.23% climbed by $1.43, or 3.1%, to settle at $48.22 a barrel
  • Is The Oil Production Efficiency Boom Coming To An End?

    08/18/2016 7:58:28 AM PDT · by bananaman22 · 5 replies
    Oilprice.com ^ | 18-08-2016 | Peter
    “How much more productive can these new wells get?” I asked my host who had kindly invited me on a field trip to some of western Canada’s most prolific oil fields. Looking down the aisle of bobbing pump jacks, seven in a row on one side of the immaculate gravel pad, the veteran oil executive replied, “We can get up to 1,000 barrels a day out of some of the new ones, but that’s not a limit; we’re improving the economics and productivity with each new well.” Impressive I thought, subconsciously nodding my head in sync with the leading pump...
  • How Brexit Will Affect Paris Global Warming Treaty

    08/17/2016 6:02:11 AM PDT · by george76 · 14 replies
    Daily Signal ^ | June 28, 2016 | Nicolas Loris
    The fate of the European Union’s global warming commitments negotiated as part of the Paris Protocol may be in jeopardy as result of Brexit. The U.S. on the other hand, should take a page out of the U.K.’s playbook and not only withdraw from the Paris agreement, but also withdraw participation from the United Nations Framework Convention on Climate Change altogether. ... countries made individual commitments to reduce carbon dioxide and other greenhouse gas emissions, largely centered on shifting away from affordable natural resources such as coal, oil, and natural gas, and toward more expensive, intermittent, subsidy-dependent renewables. ... The...
  • New markets for Qatari gas without Al Assad (Why Qatar Spent $3B on Terrorists & US/EU Lobbying)

    08/16/2016 8:01:14 PM PDT · by Mount Athos · 3 replies
    ansamed ^ | Oct 1st, 2012
    Why would Qatar want to become involved in Syria where they have very few investments? This is the question the analyst Felix Imonti poses in an article recently published by specialized website 'Oilprice.com' and by Joshua Landis' Syria Comment. The kingdom, Imonti explains, ''is a geographic prisoner in a small enclave on the Persian Gulf coast. It relies upon the export of LNG, because it is restricted by Saudi Arabia from building pipelines to distant markets. In 2009, the proposal of a pipeline to Europe through Saudi Arabia and Turkey to the Nabucco pipeline was considered, but Saudi Arabia is...
  • Has T. Boone Pickens Timed the Oil Market Just Right?

    08/16/2016 8:59:15 AM PDT · by bananaman22 · 7 replies
    Oilprice.com ^ | 16-08-2016 | Wildcatter
    t’s a tough business right now for oil and gas companies, with some companies faring better than others with most majors releasing in-the-red second quarter financials, but business mogul T. Boone Pickens has made a bold and heavy return to the energy market, upping his stake in energy holdings by more than a third in the second quarter, according to data tallied by Bloomberg. The value of BP Capital Fund Advisors LLC’s energy stock holdings increased by $55 million to $218 million. BP Capital Fund Advisors added stakes to eight energy-related companies at a time when oil prices were painstakingly...
  • Is Saudi Arabia About To Cry Uncle In The Oil Price War?

    08/14/2016 6:04:37 PM PDT · by Petrosius · 33 replies
    OilPrice.com ^ | August 11, 2016 | Rakesh Upadhyay
    The Kingdom is struggling with weak GDP growth, higher fees and taxes, and an economy that is unable to pay the dues to its workers, leaving thousands of workers from South Asia with an uncertain future. When a nation is unable to provide food to its migrant workers, it says a lot about their financial condition. The oil price crash has forced the oil-rich Kingdom to introduce austerity measures, and delay payments to already cash-strapped contractors.
  • Oil, Drugs And Militants: Controlling Turkey’s Syrian Border

    08/10/2016 2:20:01 PM PDT · by bananaman22 · 2 replies
    Oilprice.com ^ | 10-08-2016 | Intel
    The recent spate of ISIS-inspired terror attacks in Turkey and subsequent attempted coup, combined with foreign fighters’ incessant attempts to enter ISIS’s shrinking territory have kept Turkey’s border with Syria, once dubbed a “jihadist highway”, at the forefront of regional security issues. Has Ankara responded adequately to the international community’s demands to bring its 911-kilometer border with Assad’s regime under control, or are smuggling and border crossings by militants a continuing threat? Gasoline smuggling Earlier this year, gasoline smuggling from Turkey to Syria received international attention after Russia accused the Turkish government of facilitating contraband routes across the Syrian border....
  • Militants Blow Up Oil Well in Iraq’s Northern Kirkuk Province

    08/10/2016 9:27:42 AM PDT · by bananaman22 · 6 replies
    Oilprice.com ^ | 10-08-2016 | War reporter
    A group of gunmen blew up a bomb at the Bai Hassan oil field in Iraq’s northern province of Kirkuk on Wednesday, China’s news agency Xinhua reported, citing a provincial police chief. So far no group has claimed responsibility for the attack. The Kurdish military forces, the Peshmerga, arrived at the scene after the militants had fled and found another two bombs at other installations in the oil field, but managed to defuse them. Last week, ISIS fighters killed five people in an attack on Bai Hassan, and attempted to take down a gas compression station nearby as well, where...
  • EXCLUSIVE: Hillary Aide Cheryl Mills OK’d Oil Deal That Put $500K In Bill’s Pocket

    08/09/2016 8:03:40 PM PDT · by amorphous · 34 replies
    DailyCaller.Com ^ | 9 August 2016 | Richard Pollock
    Then-Secretary of State Hillary Clinton publicly defended an embattled banker during an official visit to Bangladesh while Clinton Foundation officials tried to steer money from an Abu Dhabi oil company into the banker’s coffers. A Daily Caller News Foundation investigation traced the convoluted payment by TAQA — formally known as the the Abu Dhabi National Energy Company — to Muhammad Yunus’ Grameen Bank. Yunus is a long-time friend and Clinton Foundation donor. The oil company deal eventually put as much as $500,000 into President Bill Clinton’s pockets via a speaking fee he got in Scotland. The complicated set of international...
  • Israel ordered to pay Iran $1.2 billion

    08/08/2016 4:31:08 PM PDT · by Eleutheria5 · 40 replies
    Arutz Sheva ^ | 8/8/16 | Rachel Kaplan
    The Swiss Supreme Court in Lausanne has ordered the Israel-controlled Trans-Asiatic Oil Company to pay a debt of $1.2 billion to Iran's national Oil Company. According to Global Arbitration Review, which published the Swiss court’s ruling, Iran’s oil company has been removed from the sanctions regime, so there is no legal obstacle to paying it any money. On June 27, the court directed Trans-Asiatic to pay the Iranians 250,000 Swiss francs (about 1 million shekels, or $260,000) of the monies that have been deposited with the court, and another 200,000 francs in court costs. Trans-Asiatic appealed, and lost, saddling the...
  • Decades-old $1.2B Back Bill for Iranian Oil Comes Back to Haunt Israel

    08/08/2016 8:40:42 AM PDT · by bananaman22 · 10 replies
    Oilprice.com ^ | 08-08-2016 | Irina
    An arbitration court has ordered Israeli-held Trans-Asiatic Oil (TAO) to pay US$1.2 billion to Iran for oil that the National Iranian Oil Company (NIOC) had delivered to Israel before the 1979 Islamic Revolution, the online edition of Israel’s Haaretz reported on Monday. Lausanne-based Swiss Supreme Court has ruled in favor of Iran in the case which Israel had appealed. In May 2015, Israel said it was refusing to comply with an order by a Swiss court that it pay US$1.1 billion to NIOC. The complex dispute stems from 1968, when Shah Reza Pahlavi ruled Iran. The Eilat Ashkelon Pipeline Co....
  • Shale Production Has Reduced Energy Prices To Levels Where Saudi Arabia Can't Fund Its Welfare State

    08/04/2016 12:58:31 AM PDT · by Kaslin · 98 replies
    Townhall.com ^ | August 3, 2016 | Matt Vespa
    Saudi Arabia knew that North American shale production could potentially torpedo their hold on the energy market via oil. So, they decided to trounce the natural gas market by opening the floodgates with petroleum. It didn’t work. The Telegraph now reports that shale production has cut prices so low that they can produce at prices that are lower that what’s required to keep Saudi Arabia’s socioeconomic fabric healthy: Opec's worst fears are coming true. Twenty months after Saudi Arabia took the fateful decision to flood world markets with oil, it has still failed to break the back of the US shale...
  • End of Driving Season Could Send Oil Back to February Lows

    08/03/2016 9:58:37 AM PDT · by bananaman22 · 5 replies
    Oilprice.com ^ | 03-08-2016 | Driver
    Summer driving season: it’s the season to be traveling, what with long weekends, annual leaves and short getaways from the banalities of everyday life at the office. The summer season in the Northern Hemisphere is when demand for crude oil invariably picks up, because fuel consumption increases. In Europe, there’s greater hunger for diesel and in the U.S. there’s a pickup in gasoline demand. Usually. This year’s driving season, however, is shaping up to be a very disappointing exception to the usual seasonal patterns in fuel demand. People are not traveling now as much as analysts expected back in May....
  • ISIS Oil Revenues Down By Up To 90 Percent

    08/02/2016 1:00:43 PM PDT · by bananaman22 · 10 replies
    Oilprice.com ^ | 02-08-2016 | Ziggi
    Recent Iraqi military gains over the Islamic State have dried up oil revenues for the terrorist organization by up to 90 percent, according to a report by Iraqi News on Tuesday. Security sources from the ministry of oil said ISIS had been smuggling at least 50 vehicles full of oil everyday from oilfields in Qayyarah and Najma. The two sites stand south of Mosul—the largest ISIS stronghold and the third largest city in Iraq by population. But new offensives against the terrorist organization have reduced the smuggling rate to five vehicles a day. ISIS’ prices for the smuggled oil, which...
  • The Price Of Oil Is Crashing Again, And That Is Very, Very Bad News For The U.S. Economy

    08/02/2016 4:28:47 AM PDT · by HomerBohn · 96 replies
    LC News Group ^ | 7/2/2016 | Michael Snyder
    This wasn’t supposed to happen. The price of oil was supposed to start going back up, and this would have brought much needed relief to economically-depressed areas of North America that are heavily dependent on the energy industry. Instead, the price of oil is crashing again, and that is really bad news for a U.S. economy that is already mired in the worst “recovery” since 1949. On Monday, U.S. oil was down almost four percent, and for a brief time it actually fell below 40 dollars a barrel. Overall, the price of oil has fallen a staggering 21 percent since...
  • Texas shale oil has fought Saudi Arabia to a standstill

    08/01/2016 10:08:35 AM PDT · by Hojczyk · 28 replies
    The UK Telegraph ^ | July 31, 2016 | Ambrose Evans-Pritchard
    The Saudi-led Gulf states have certainly succeeded in killing off a string of global mega-projects in deep waters. Investment in upstream exploration from 2014 to 2020 will be $1.8 trillion less than previously assumed, according to consultants IHS. But this is a bitter victory at best. North America's hydraulic trackers are cutting costs so fast that most can now produce at prices far below levels needed to fund the Saudi welfare state and its military machine, or to cover Opec budget deficits. Scott Sheffield, the outgoing chief of Pioneer Natural Resources, threw down the gauntlet last week - with some...
  • Oil Tumbles Below $40 on Flurry of Bearish News

    08/01/2016 10:01:23 AM PDT · by bananaman22 · 6 replies
    Oilprice.com ^ | 01-08-2016 | Matt
    A new week, a new month, a new sell-off. Crude prices are charging lower to start the week as a plethora of bearish indicators emerge to encourage crude lower. Hark, here are five things to consider in the oil market today.
  • New American Oil Pipeline is the Answer

    07/29/2016 3:44:31 PM PDT · by Tolerance Sucks Rocks · 7 replies
    Patriot News ^ | July 19, 2016 | The Common Constitutionalist
    Remember the Keystone XL Pipeline project? Remember what a cause célèbre it was for both the left and right? What the heck ever happened to it? Have you wondered that?Well, in short it was killed pretty much for good, or at least the foreseeable future – both here in the USSA and now in Canada. As you are no doubt aware, it was Obama who, with the left in the federal and various state legislatures – and with some help from Choo-choo Warren Buffet who owns most of the rail cars now hauling crude down south, vetoed the pipeline. And...
  • Exxon Misses Estimates By A Mile, Plunges To Two-Month Lows

    07/29/2016 9:09:34 AM PDT · by bananaman22 · 12 replies
    Oilprice.com ^ | 29-07-2016 | Big Oil
    ExxonMobil reported on Friday earnings of US$1.7 billion for the second quarter, a 59-percent tumble on the year, amid sharply lower commodity prices and weaker refining margins. Earnings per share assuming dilution fell to US$0.41 from US$1.00 for the second quarter last year, missing Thomson Reuters’ analyst expectations of US$0.64 earnings per share. Upstream earnings plummeted by US$1.7 billion, to US$294 million in the second quarter of 2016, and the U.S. upstream segment posted a loss of US$514 million, swelled from a loss of US$47 million in the second quarter of 2015. Non-U.S. upstream earnings tumbled by US$1.3 billion, to...
  • Wholesale California gasoline prices plunge, consumers still pay up

    07/29/2016 8:52:37 AM PDT · by Lorianne · 74 replies
    Reuters ^ | 29 July 2016 | Liz Hampton, Jessica Resnick-Ault
    Wholesale gasoline in California became the cheapest in the country this week, but that change has largely gone unseen at the pump, where consumers are still paying the highest prices in the continental United States to fill up their cars. Ample inventories along with relatively stable refinery operations and imports has driven down the spot value of gasoline in Los Angeles at the wholesale level by more than 60 cents since mid-June. However, that has not translated to similarly lower retail fuel prices for consumers because of peculiarities in California's market. The declines in the state's retail gasoline market over...
  • Forget The Glut – This Is Why Oil Prices Will Rise

    07/26/2016 9:29:43 AM PDT · by bananaman22 · 18 replies
    Oilprice.com ^ | 26-07-2016 | Steffens
    U.S. oil production peaked at over 9.6 million barrels per day in June, 2015: Based on Core Labs' prediction above, U.S. oil production will fall to under 8.3 million barrels per day before the end of this year and will continue fall to under 7.5 million barrels per day sometime in 2017 before it stabilizes. The only thing that will stop U.S. oil production from falling is a sharp increase in oil prices. In my opinion, West Texas Intermediate (WTI) must move firmly over $60/bbl before we will see the increase in capital expenditures necessary to stabilize U.S. oil production....
  • Is This The Next Big Headache For Oil Prices?

    07/25/2016 8:00:46 AM PDT · by bananaman22 · 2 replies
    Oilprice.com ^ | 25-07-2016 | Nick
    When oil analysts look at the markets to try to get a sense of where oil prices are heading, one of the great unknowns, at least in the U.S. shale industry, is the large volume of drilled but uncompleted wells (DUCs). As oil prices began collapsing two years ago, shale drillers increasingly decided to defer the completion of their drilled wells, hoping to wait out the downturn and bring production online at a later point when prices rebounded. But with oil prices suffering from a prolonged downturn, the DUCS began to mount, leaving a huge backlog of potential production that...
  • Regulators Vow Revenge Against States for Opposing Federal Land Grab

    07/24/2016 3:54:51 PM PDT · by Tolerance Sucks Rocks · 31 replies
    Freedomworks ^ | July 20, 2016 | Kenny Stein
    On Tuesday, the Fish and Wildlife Service (FWS) formally announced the removal of the lesser prairie chicken from the endangered species protection list. They did not take this step voluntarily; FWS lost a court case last year which ordered the agency to remove the bird from the list. However, even as they complied with the court’s order, the FWS issued a threat that the agency’s land grab under the guise of conservation was not over. In the words of Director Dan Ashe, “Responding to this court ruling by removing the bird from the Federal List does not mean we are...
  • A Great Line That No-One Noticed At The GOP Convention

    07/21/2016 9:20:38 AM PDT · by IBD editorial writer · 19 replies
    Investor's Business Daily ^ | 7/21/2016 | John Merline
    CLEVELAND -- It's tough to be a speaker at a political convention who has something substantive to say, because the sizzle always consumes the steak at these events. So it's not surprising that energy company executive Harold Hamm was overlooked amid Wednesday night's political sparks. But he delivered one of the better, or arguably one of the more important, lines of the night:
  • Oil producers want U.S. to restrict imports

    07/20/2016 5:37:43 PM PDT · by brownwill6767 · 25 replies
    Albuquerque Journal ^ | 7/6/16 | Kevin Robinson-Avilla
    ALBUQUERQUE, N.M. — New Mexico and West Texas oil producers are gearing up for a national effort to draw all major U.S. oil basins into a grassroots movement to restrict crude imports from overseas. Leaders of the Panhandle Import Reduction Initiative, which launched in April in the Permian Basin, are seeking public meetings and rallies in other oil-producing zones to convert what’s now a regional initiative into a national movement, said Daniel Fine, associate director of the New Mexico Center for Energy Policy, who is working with local producers.
  • Oil Industry CEO Claims Democrats Have Done More For Oil

    07/20/2016 11:38:59 AM PDT · by bananaman22 · 16 replies
    Oilprice.com ^ | 20-07-2016 | GOPConvention
    With the Republican National Convention set to wrap up on Thursday, and the Democratic National Convention getting ready to kick off in Philadelphia next week, one prominent oil executive is noting that the industry has fared better under Democrats than Republicans. Scott Sheffield, CEO of Pioneer Natural Resources, says that he has noticed the trend during his 42 years in the business. That may sound strange considering the two parties’ diverse platforms when it comes to energy. The Republican party is touting deregulation and has said that it does not support the Paris Climate Accords. Going a few steps further,...
  • Did Oil Kill The Dinosaurs?

    07/19/2016 3:00:57 PM PDT · by bananaman22 · 53 replies
    Oilprice.com ^ | 19-07-2016 | Dino
    What killed the dinosaurs? It’s a question as old as – well the dinosaurs themselves, and one that everyone from school children to scientists have been asking for decades. Movies like Jurassic Park and the Land Before Time only heighten that sense of wonder and raise the stakes behind that question. Now according to a new scientific study, it seems that black gold may have been the source of the dinos’ demise. Japanese researchers at Tohuku University and the Meteorological Research Institute authored a recent study in the research journal Scientific Reports suggesting that a meteor impact 66 million years...
  • As Chinese Refiners Flood The World, Gasoline Tankers Pile Up In New York City Harbor

    07/13/2016 8:07:54 PM PDT · by dennisw · 29 replies
    zerohedge ^ | Jul 13, 2016 9:33 PM | by Tyler Durden
    Just over a month ago, when we pointed out that that the gasoline curve was about to shift from contango into backwardation, we said that the gasoline tanker armada off the coast of Singapore was about to start offloading as it would soon become uneconomical to hold product in offshore storage. This meant one thing: China was about to unleash a wave of accelerated gasoline exports across the entire world. We pointed out the unprecedented surge in Chinese gasoline stocks... and added that as China continues to imports tremendous amounts of both crude and product, far greater than actual demand,...
  • IEA: Gasoline Glut Could Cause Oil Price Rout

    07/13/2016 9:39:07 AM PDT · by bananaman22 · 7 replies
    Oilprice.com ^ | 13-07-2016 | IEA
    Oil prices have been crushed over the past two years because of a glut of production. With supplies falling off, particularly in the U.S. shale patch, prices have begun to firm up. But another glut that has built up and has stubbornly refused to fall threatens another oil price downturn. In its July Oil Market Report, the International Energy Agency warned about shockingly high levels of refined products sitting in storage. Gasoline, diesel and heating oil are built up to such high levels in so many parts of the world, that a sharp rise in crude oil prices is unlikely...
  • Crude Rebounds Spectacularly On Weaker Dollar

    07/12/2016 1:24:34 PM PDT · by bananaman22 · 3 replies
    Oilprice.com ^ | 12-07-2016 | Len
    Oil prices showed weakness on Monday once again after a brutal few days last week. But WTI and Brent moved up in early trading hours on Tuesday. Several news items overnight pushed oil up on Tuesday, including a falling U.S. dollar, a ruling from an international court on the South China Sea (more below), news that an ExxonMobil well was attacked in the Niger Delta (something which Exxon denies), and reports that some oil exports were delayed from Iraq because of a pipeline leak. The markets are awaiting crude inventory estimates from API later today, which could move prices.
  • Citibank: We’re Nearing A Bull Market For Oil

    07/12/2016 10:01:52 AM PDT · by bananaman22 · 8 replies
    Oilprice.com ^ | 12-07-2016 | Citi
    Citigroup is “especially bullish” on commodities in 2017, the bank says. “The oil market is treading water for now, but the oil price overshot to the downside earlier this year and this is clearly setting the stage for a bullish end to the decade,” Citi analysts, led by Ed Morse, wrote in a research note published on July 11. There is a quite a bit of volatility in commodity markets, especially for oil, but global demand continues to grow at a steady pace. Prices have crashed on oversupply, but with oil production going offline, particularly in the U.S., the markets...
  • Violence in South Sudan Kills Two Chinese U.N. Peacekeepers

    07/11/2016 7:44:54 AM PDT · by BenLurkin · 10 replies
    wall street journal ^ | 07/11/2016 | Josh Chin
    The troops were traveling to provide security at a refugee camp when their vehicle was hit, the Chinese Defense Ministry statement said. “The Chinese military is deeply shocked by and strongly condemns the attack,” the statement said, adding condolences to the victims and their family members. The loss of the two Chinese peacekeepers in South Sudan come after Shen Liangliang, a U.N. peacekeeper stationed in Mali, was killed in an attack on a U.N. camp on May 31 that wounded five other Chinese troops. The three deaths, coming so close together, illustrate the increased risks faced by Chinese peacekeeping troops—particularly...
  • Violence in South Sudan Kills Two Chinese U.N. Peacekeepers [all about oil?]

    07/11/2016 6:43:42 AM PDT · by BenLurkin · 5 replies
    The troops were traveling to provide security at a refugee camp when their vehicle was hit, the Chinese Defense Ministry statement said. “The Chinese military is deeply shocked by and strongly condemns the attack,” the statement said, adding condolences to the victims and their family members. The loss of the two Chinese peacekeepers in South Sudan come after Shen Liangliang, a U.N. peacekeeper stationed in Mali, was killed in an attack on a U.N. camp on May 31 that wounded five other Chinese troops. The three deaths, coming so close together, illustrate the increased risks faced by Chinese peacekeeping troops—particularly...
  • Venezuela's Energy Woes Spread to Its Closest Ally: Cuba

    07/09/2016 9:02:34 PM PDT · by Rabin · 17 replies
    Reuters via Rigzone ^ | Friday, July 8, 2016 | Marianna Parraga and Alexandra Ulmer|
    Venezuela's falling crude output and self inflicted financial woes have left it decimated... State-run oil firm PDVSA has slashed oil export to Cuba by 40 percent from the first half of 2015.
  • Fatal connections [Clinton Foundation Donors & Nigeria]

    07/07/2016 3:12:25 PM PDT · by SoFloFreeper · 11 replies
    World Magazine ^ | 6/24/16 | Mindy Belz
    As the Clinton-led State Department dragged its feet against Boko Haram, Clinton Foundation donors made millions from Nigerian oil fields The attacks on Jan. 20, 2012, began not so much as an explosion but as an earthquake. ....In coordinated bombings at 23 separate locations in the city of Kano, including police headquarters and military barracks, the group left one of Africa’s largest cities in disarray and panic. The January attacks killed more than 185 people—Africa’s worst terrorism since the 1998 al-Qaeda attacks on U.S. embassies in Kenya and Tanzania. ...Boko Haram often showed up better equipped than the Nigerian military...prominently...
  • Why Chevron And Shell Are Better Bets Than BP and Exxon

    07/06/2016 11:20:37 AM PDT · by bananaman22 · 1 replies
    Oilprice.com ^ | 06-07-2016 | Oil Major
    Want to invest in the oil majors? Take a look at Chevron and Royal Dutch Shell, but steer clear of ExxonMobil, BP, and Total. That is the conclusion from a new analysis from Tudor, Pickering, Holt & Co., which identified Chevron and Shell as the best of the lot. The reason for choosing Chevron, for instance, is that the American oil major will have high-margin growth, largely due to the completion of several large-scale projects. The Gorgon LNG project is one example – with huge capex requirements behind it, Chevron will enjoy free-cash-flow turnaround. Tudor Pickering Holt also likes Chevron’s...
  • Why An Oil Price Crash Remains Unlikely

    07/06/2016 10:20:46 AM PDT · by bananaman22 · 4 replies
    Oilprice.com ^ | 06-07-2016 | Mike
    There has been a lot of optimism returning to the energy markets of late as oil prices have climbed to the $50 a barrel region. Ironically, while a few years ago $50 a barrel would have been seen as an unthinkably low oil price, today it is regarded as much needed relief from prices that ran in the $25 a barrel region earlier this year. Yet with the climb in prices, analysts are now starting to forecast prices per barrel of as much as $80 in the next year. That view is not the mainstream though. Instead most analysts are...
  • Fresh Niger Delta Attacks Could Send Oil Prices Up

    07/05/2016 10:11:41 AM PDT · by bananaman22 · 2 replies
    Oilprice.com ^ | 05-07-2016 | Niger Deltans
    The Niger Delta Avengers (NDA) were a major driver of the rally in oil markets over the past several months, as the outage of roughly 600,000 barrels per day helped push up crude oil prices. In June, a 30-day ceasefire between the NDA and the Nigerian government led to a few weeks of relative calm, and Nigeria’s oil minister said that the country was able to bring back a large chunk of the disrupted supply, bringing output up from 1.4 million barrels per day to 1.9 mb/d at the end of June, but still down from the 2.2 mb/d Nigeria...
  • Exxon And BP Battle For ‘Oil contract Of The Century’

    07/04/2016 11:54:13 AM PDT · by bananaman22 · 2 replies
    Oilprice.com ^ | 04-07-2016 | Zainab
    ExxonMobil and British Petroleum have been facing off over the terms of the renewal of the “contract of the century” in Azerbaijan, according to sources that spoke to Reuters. BP currently operates the Azeri-Chigar-Guneshi fields in the middle of the Caspian Sea—a region that contributes a tenth of the firm’s global output. The British company has reportedly agreed with the Azeri government on the terms of a 30-year contract, but in an effort to expand its presence in the ACG region, Exxon has been pushing for a piece of the $100 billion pie.
  • What You Don’t Know About the Niger Delta Avengers

    07/04/2016 9:35:59 AM PDT · by AdmSmith · 18 replies
    Nigerian Television Authority ^ | 2JUN2016 | Edino Justice
    A militant group has however since February 2016 been making headlines through their capacity to destroy oil infrastructure. Their attacks have driven Nigeria’s oil output to near a 22-year low. Contrary to popular opinion, the group, Niger Delta Avengers, NDA for short, according to them is not just made up of Niger Deltans but has support from other parts of Nigeria, namely Northern, Western and Eastern part of the Country with the sole purpose of crippling the Nigerian Economy until their demands are met. According to reports, Diplomats and security experts say the group has shown a level of sophistication...
  • Big Oil Could Spark A Renaissance In U.S. Shale

    07/04/2016 7:15:41 AM PDT · by bananaman22 · 4 replies
    Oilprice.com ^ | 04-07-2016 | Len
    The collapse of oil prices has killed off any appetite that the oil industry had for megaprojects that cost tens of billions of dollars. With scarce resources, oil companies have shifted their focus, pouring resources into short-cycle projects, which often means shale drilling. Liam Denning over at Bloomberg Gadfly put some numbers to the phenomenon, using data from Oslo-based Rystad Energy. The data is revealing, painting a portrait of an industry that has scaled down the size of new oil projects. Intriguingly, the focus on smaller oil fields began before the plunge in oil prices, although the price crash is...
  • Maryland Attorney General Frosh Using Subpoenas to try to Silence Political Debate

    06/30/2016 12:51:38 PM PDT · by Tolerance Sucks Rocks · 22 replies
    MCGOP ^ | June 28, 2016 | Mark Uncapher
    Maryland Attorney General Brian Frosh recently joined 16 other state Attorneys General to launch, in their own words, “an unprecedented, multi-state effort to investigate and prosecute the ‘high-funded and morally vacant forces’ that have stymied attempts to combat global warming—starting with holding ExxonMobil and other industry giants accountable for fraud and suppression of key climate science.” In explaining his support of “AGs United for Clean Power,” Frosh said: “There is no doubt that climate change is an existential threat to our society and to our entire planet….I am deeply troubled that oil companies have contributed to the problem by intentionally...
  • U.S. Shale Producers Just Won Their Biggest Legal Case In Years

    06/27/2016 5:57:33 PM PDT · by 2ndDivisionVet · 5 replies
    Oil Price ^ | June 23, 2016 | Dave Forest
    Fracking is once again becoming a hot topic in the oil and gas world., with Germany moving Tuesday to impose an indefinite ban on the unconventional drilling technique. But in the U.S. this week the story was the opposite. Oil and gas drillers won a critical legal victory over the future of fracking in America’s shale plays. That came in Wyoming, where a District Judge struck down a set of tougher rules on fracking that had been implemented by the U.S. Bureau of Land Management (BLM) early last year. Last March, the BLM came down hard on the U.S. shale...
  • Jerry Brown’s vow to slash oil use in California’s cars in trouble

    06/22/2016 12:20:04 PM PDT · by Mariner · 26 replies
    The Sacramento Bee ^ | June 22nd, 2016 | By Dan Walters
    The meltdown of California’s cap-and-trade system of reducing carbon emissions has not only thrown its climate change crusade into disarray but caused collateral damage. One victim is Gov. Jerry Brown’s $3.1 billion plan to spend auction proceeds, now on indefinite hold. It not only affects a $500 million allocation for Brown’s bullet train project, but another $500 million for “low carbon transportation and fuels.” The latter is a centerpiece of Brown’s very ambitious drive to reduce petroleum use in auto travel – the largest single source of California’s carbon emissions – by 50 percent by 2030 even though the Legislature...